2025 will remain etched in history as the year of the IPOs. Across the calendar year, more than 290 companies raised almost ₹1.53 lakh crore, despite the challenges in demand, tough geopolitical environment and the general tendency amongst promoters to raise money to profit on the trends rather than the promise of growth.
Despite the many IPOs that haven’t lived up to expectations, there are a few, under the radar companies that have quietly offered promising returns to investors, both for the short and long term. Here’s a list of the top 10 companies that actually offer hope, rather than hype for better days.
Fabtech Technology Cleanrooms Limited
IPO date: January 3–7, 2025
Listing Date: January 10, 2025
Performance: After listing at ₹161.50, the stock is now worth ₹302, an increase of 87.09%
Company Profile
Fabtech Technologies Cleanrooms Limited specialises in modular cleanrooms for pharmaceutical, healthcare and biotech companies. These pre-engineered cleanrooms are crucial to prevent contamination of any kind for highly specialised manufacturing. The company has developed its expertise for such services, where it uses highly sophisticated materials and technologies for superior thermal and sound insulation.
Why it stands out?
With an expanding pharmaceutical manufacturing capacity, companies need state-of-the-art cleanroom infrastructure to comply with the latest USFDA and EMA standards. Fabtech’s pre-engineered. Modular panels reduces costs by 40% while helping the company maintain quality and consistency. The company’s Advantek acquisition has helped boost its margins and offer an end-to-end cleanroom solution without the customers needing to coordinate with multiple vendors.
Stallion India Fluorochemicals
IPO date: January 16-20, 2025
Listing Date: January 23, 2025
Performance: After listing at ₹119.70, the stock is priced at ₹205.71 on December 16, an increase of 71.85%.
Company Profile
Specialising in refrigeration gases used for air conditioning, this company has been supplying environmentally friendly refrigerant gases, including Hydrocarbons (HC), Hydrofluorocarbons (HFCs), and Hydrofluoroolefins (HFOs) to Honeywell, Diakin and other leading OEMs. The company has a diverse client base across industrie,s including automobiles, air conditioning, firefighting, defence, semiconductors, glass bottles and many others.
Why it stands out?
The company has refined its technology with two decades of partnerships and a highly stable supply chain. The phase out of CFC gases is expected to benefit the company, which has the unique capability of producing custom refrigerant formulations that comply with stringent European F-gas regulations. With a wide portfolio of clients across verticals, Stallion Florochemicals doesn’t have to worry about a sudden drying up of demand from its clients. With tightening regulations, the company is investing in R&D to vertically integrate into complex specialty gases and next-generation low-GWP gases.
Quality Power Electrical Equipments
IPO date: February 14-18, 2025
Listing Date: February 24, 2025
Performance: After listing at ₹339.50, the stock is now worth ₹665, an increase of 95.82%.
Company Profile
Quality Power Electrical Equipments Limited, specialises in manufacturing high voltage (HV) electrical equipment and power technologies. The company has been serving power utilities, renewable energy companies and government infrastructure projects for over two decades. It has a wide presence across global markets.
Why it stands out?
The company is one of the few power infrastructure players with a global presence, almost 80% of its revenues come from abroad. It even has a near-shore manufacturing footprint in Europe courtesy its Endoks acquisition in 2011. Since then, Quality Power has made 5 more acquisitions, helping it diversify its portfolio and reach. The HV electrical component market is worth almost $100 billion, with an 8% CAGR annual growth rate, Quality power aims to use its IPO proceeds to expand further in the market, buyout companies and boost India’s grid modernization plans.
Ather Energy
IPO date: April 28-30. 2025
Listing Date: May 6, 2025
Performance: After listing at ₹328, the stock is priced at ₹676.05 on December 16, a 106.07% increase.
Company Profile
Ather Energy pioneered the EV scooter market in 2013. It’s known for its quality and industry-first features in its scooters, even though its pricing has been on the higher side. That’s one reason why Ather lost out to Bhavish Agarwal’s Ola Electric in the race to dominate the market. That’s now reversed, in part to its latest offering, the family-oriented Ather Rizta and consistent quality care without the challenges faced by other manufacturers.
Why it stands out?
It is India’s only homegrown, indigenous EV scooter brand, developed by IIT Madras alumni Tarun Mehta and Swapnil Jain. The company has been focusing on quality and consistency rather than scale, and that’s paid off quite well. The company has developed its own charging infrastructure, the Ather Grid, and aims to scale up its operations organically through capacity expansion and a relentless focus on exceeding expectations without relying on publicity.
Belrise Industries
IPO date: May 21-23, 2025
Listing Date: May 28, 2025
Performance: After listing at ₹101.40, the stock is priced at ₹159.90 on December 16, a 57.63% increase
Company Profile
As one of India’s oldest Original Equipment Manufacturers (OEMs) for the auto industry, Belrise specialises in manufacturing casting parts, sheet metal, polymer, suspension and mirror systems for all models of two-, three- and four-wheelers in India. It has 15+ manufacturing facilities across seven states in the country.
Why it stands out?
Belrise doesn’t depend on a single segment of clients- it has strong partnerships with most Tier 1 operators. The company has a strong moat in its business segments, with long-standing relationships that the company is now using to expand into e-mobility components. The company is also looking towards expanding its portfolio through acquisitions and backward integrations. Further, it is also considering investing around ₹ 800 crore to expand into defence (armoured vehicles) and solar panel manufacturing in partnership with foreign OEMs.
Aditya Infotech
IPO date: July 29-31, 2025
Listing Date: August 5, 2025
Performance: After listing at ₹994.30, the stock is priced at ₹1,536 on December 16, a 54.55% increase
Company Profile
Aditya Infotech, through its security surveillance brand CP PLUS, remains the primary domestic competitor to Chinese brands in the segment. It designs, manufactures and sells CCTV cameras, video management software, mobile apps and integrated security solutions for various commercial requirements.
Why it stands out?
The company moved from being merely a distributor to a manufacturer of security systems. It has managed to break the dominance of Chinese brands in the market, all on its own, through its ongoing investments in R&D based, vertically integrated manufacturing practices. It now aims to expand its lead into high-margin, long-lasting defence and government contracts, besides expanding into newer markets and product ranges through Mergers and Acquisitions. No other domestic brand has managed to achieve Aditya Infotech’s reach and market dominance, even though the use of Chinese security systems is generally discouraged by the authorities.
FlySBS Aviation Ltd
IPO date: August 1-5,2025
Listing Date: August 8, 2025
Performance: After listing at ₹427.50, the stock is priced at ₹525 on December 16, a 22.78% increase.
Company Profile
FlySBS offers premium jet charter services, targeted towards HNI and VIP clients. The DGCA-approved company operates a range of aircraft bought on dry and wet leases.
Why it stands out?
The company operates in a market with limited competition and high barriers for entry, with almost 95% of its clients consisting of corporates who would love to take a chartered flight. Unlike traditional airline operators, FlySBS has a limited investment capex with diverse revenue streams from medical evacuations, VIP charter services and subscription concierge programs. With the proceeds from the IPO, FlySBS aims to expand into underserved markets and cater to high-end clientele with a bigger fleet of charter jets.
Jain Resource Recycling Limited
IPO date: September 24–26, 2025
Listing Date: October 1, 2025
Performance: After listing at ₹265.05, the stock is now worth ₹408.00, an increase of 53.88%
Company Profile
Jain Resource Recycling Limited (JRRL) is one of India’s largest metal recycler by revenue, refining metals like lead, copper, aluminium and tin at three facilities in Chennai with 64,000+ MTPA capacity. The company plays a crucial role in reducing metal imports for India, as recycling these non-ferrous metals requires highly specialised equipment and skills.
Why it stands out?
The company has been one of the leading lead ingot brands in India, with a formidable moat and a strong customer profile. JRRL sources its raw materials from almost 120 countries, unlike its peers who usually rely on domestic sources. Its port-side location helps reduce logistics costs for both import and exports, while helping companies reduce energy use. With the IPO proceeds, JRRL aims to fund its forward integration into the highly specialised process of copper cathode (electrolytic refining) and wire rod manufacturing. The company aims to improve its scrap recovery rates by 10-15% while exploring Mergers and acquisitions to further expand its brand.
LG Electronics India
IPO date: 7-9 October, 2025
Listing Date: October 14, 2025
Performance: After listing at Rs.1,570, the stock rose to Rs.1,710 per share a 50% increase.
Company Profile
The local subsidiary of South Korean electronics giant LG is known for manufacturing consumer electronics and home appliances with high levels of indigenisation. The company has a dominant 33.5% market share in washing machines, 29.9% in refrigerators, 27.6% in panel TVs, 20.6% in inverter ACs, 51.4% in convection microwaves and 40.5% in water purifiers.
Why it stands out?
Its dominance in the consumer electronics sector is its biggest moat, allowing it to hold pricing power and brand equity. It has managed to create a name for itself in high-end segments including TVs, washing machines, premium ACs and refrigerators. Over the years, it has cultivated a deep understanding of Indian consumers, offering resource-efficient products that its competitors find hard to beat. With India’s consumer electronics market expected to double from $89.5 billion currently to $158.4 billion by 2034, LG is expected to maintain its position as India’s leading appliances brand on the back of manufacturing excellence, indigenisation, and the resultant cost advantages.
Corona Remedies
IPO date: 8-10 December
Listing Date: December 15, 2025
Performance: After debuting at ₹444, the stock rose to ₹ 610-615, a 35% gain.
Company Profile
Gujarat-based Corona Remedies is known for its highly promising branded generic drugs across therapeutic areas including cardiology, pain management, women’s healthcare and urology. It has a wide reach across the country, with a presence in 22 states and two manufacturing facilities in Gujarat. Though largely unknown, Corona Remedies has been awarded the second fastest growing pharma company in India.
Why it stands out?
The company’s drugs are targeted towards specialist doctors, helping them with consistent order and prescription inflows. Its portfolio is aligned towards chronic disease management that people currently face- cardiac issues, diabetes and pain management. With the IPO proceeds, the company aims to launch export-focused formulations and invest in API sourcing to improve margins, besides scouting for acquisitions and merger deals.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in stocks through IPOs includes financial risks, and past performance is not indicative of future results. Readers should conduct their own research or consult with a qualified financial advisor before making any investment decisions.
